What Are Wonga Loans?
"Wonga" is a slang term for money in the UK. Wonga loans are generally referred to as short-term payday loans that a borrower must repay within a set period.
Most wonga loan providers will come to your home to assess your eligibility. If you qualify for the loan, the lender might either give you the cash as soon as the same day or ask for your bank details so they can credit you later. They'll still come to your house to get the payment.
Wonga loans help you to take care of your emergency cash needs. Typically, lenders will not use your credit score to assess your loan application, so you shouldn't be afraid if you have bad or poor credit. Most lenders will be more concerned with your income and ability to repay the loans.
Most wonga loan alternatives lenders will let you apply online if you don't want someone to come to your house for the application process.
How Does the Wonga Loan Process Work?
Applying for Wonga loans is an uncomplicated and straightforward process.
If you meet their requirements, you can begin by filling out an application form. When you tell the direct lenders how much you want to borrow, they offer you an estimate of how much you'll have to pay back, including interest.
The lender will inform you right away whether your loan application has been successful or not. If you haven't submitted all of the required information, the lender will hold your application until you do. But if the lender has already approved the loan, you’ll be required to sign the loan agreement.
Your funds will be credited to your account as soon as possible once you sign the loan agreement. You must register a debit card during the loan application process to consent to automatic deductions on your repayment date. To prevent late payment penalties from the lender, make sure you have enough money in your account on this date.
Pros & Cons of Wonga Loans
Knowing the advantages and disadvantages of getting a particular loan would be wise, as with any other loan. Let's look at the advantages and disadvantages of taking out a Wonga loan.
- Approval with bad credit: Wonga loan lenders understand that most people take out these loans to cover unexpected expenses. Lenders have no problems with approving a loan for a bad credit borrower.
- No delays: If you apply for a Wonga loan in person, there's a chance you'll get your money right away if you're approved. The person you're speaking with is capable of making a decision and informing you right away. You’ll be able to sort out your emergencies fast. However, if you apply for the loan online, you might get the cash possibly the next day.
- A bank account may not be compulsory: Because you're meeting with the loan provider in person, they might be able to hand you the cash. Not all lenders, however, give some money in person. Others will ask for a bank account number to credit your loan. Before applying, make sure you understand how the lender will provide you with the funds.
- Personal customer service: Wonga loan lenders give you personal customer service. Wonga loan providers will come to your home and lend you money. The person who lends you the money will be responsible for collecting payments. You will develop a relationship.
- Late payment charges: When you borrow money to cover an emergency, your finances might be in bad shape. There is a possibility things could worsen, and you'll be late or miss payments. Some lenders will impose penalties or raise your interest rate.
- APR rate too high: Due to high APR rates, the loan could be costly in the long run. Some people may not be able to afford or qualify.
- Might not be sufficient: This type of loan may not be perfect because your emergency needs may require a large sum of money. Wonga loan lenders typically give small amounts of money that you must repay over several months.
Those are some things you’ll need to consider as you decide. Reach out to us for guidance if you are in a dilemma.
Apply for Wonga Loans Alternatives with Us!
Wonga.com, the first company to offer wonga loans in the UK, may no longer be in business, but other lenders have stepped in to fill the gap.
Most lenders are offering the following loans as Wonga alternatives:
- Personal loans: Money borrowed, which you can repay in scheduled monthly instalments. The loans can be secured or unsecured.
- Payday loans: These are short-term loans that you must repay with your next paycheck.
- Short-term loans: Short-term loans are given with little or no collateral and are expected to be paid back within a few months.
You do not need to be worried about getting these loans. Just complete your online application, and we will send it to lenders that will process your loan quickly and get you funds as soon as possible.
You'll be amazed to learn that they'll offer you better interest rates and terms than wonga loans.
|Why Trust FastPaydayLoans?|
|How much can I take out?||£100-£5000||No obligation quotes|
|Representative APR||49.7%(variable)||Competitive rates|
|Will bad credit be accepted?||Yes||Lenient requirements|
|What are the repayment periods?||1-36 months||Flexible loan term options|
|How can I apply?||Apply online||24/7 available|
Who Qualifies for Wonga Loan Alternatives
While applying for a loan is a simple process, you need to meet some basic requirements:
- You must be at least 18 years old.
- You should have a reachable address or phone number.
- You must be a resident of the UK.
- You must have a bank account and a debit card.
Do Wonga loans still exist?
Although the original Wonga.com loan lender is no longer active, several lenders are. Most lenders continue to provide payday or short-term loans with repayment dates extending beyond the day you receive your paycheck.
What loan products does Wonga.com offer?
Wonga.com provides the following types of loans:
Short-term(payday): This loan has a maximum repayment duration of 34 days.
Flexi loan: This loan allows you to pay it back in three monthly instalments.
Are Wonga loans safe?
Wonga loans are safe as long as the lender you are dealing with is regulated by the Financial Conduct Authority (FCA).
It's worth noting that there could be con artists aiming to defraud you. Make sure that you're only dealing with reliable lenders.
Are Wonga loans available in countries other than the UK?
Besides the United Kingdom, Wonga loans are available in the following countries.
- South Africa